Cyclone Larry Losses Top $175 Million

Insurance losses from Tropical Cyclone Larry, which struck Northern Australia last week (See IJ Website March 20, 22), have reached A$250 million (U.S. $177.3 million), according to the Insurance Disaster Response Organization (IDRO).

So far around 12,500 claims have been received for damages due to the storm. A bulletin on the IDRO Website notes that Queensland Coordinator, Graham Jones, who has inspected the affected areas, said about 140 insurance personnel were now assessing claims for home and farm buildings, contents, motor vehicles, including farm machinery, commercial property, boats and light aircraft.

“As essential services are gradually restored, insurance companies are re-opening branches and bringing in mobile offices to assist policyholders. Insurers are already paying cash settlements to the owners of homes that have been destroyed, and tradespeople are being deployed to begin repairing damaged buildings,” he stated.

“Now that roads are more accessible, loss adjusters are also visiting the more isolated areas that were in Cyclone Larry’s path,” Jones added.